I'm following the American stock exchange via Yahoo's finance site (finance.yahoo.com) which is well updated and fairly easy to use if you want to keep an eye on some companies.

But there's something that annoys me immensely about this site. They have a "Top stories" box (to the right from the market summary chart) where they post "stories" usually from CBS MarketWatch. These top stories are so dumb I sometimes lough out loud...

First of all, in a stormy market day, they always lag by a hour or two at least, thus being completely irrelevant (imagine that a weather forecast would be posted once in a two months and stayed posted thgroughout).

Second, and most annoying, they just provide dumb, "backwards" explanations. The gem is as usual the US interest rate. At 11 AM of some imaginary day the stock rise and the "top story is":

Stocks rise due to strong economic data

Nice. A hour later, the stocks lose height, the "top story" says:

Stocks dip into the red as investors are concerned that the strong economic data will lead to a rise in the interest rates soon.

I kid you not - a hour later as the stocks emerge into the green again, the "top story" goes back to the first excuse. Geez... Just today, before the marked opened the "top story" babbled that US' good employment data in May can harm the stock market because "the interest rates will raise". When the marked opened with +1.0% on the Nasdaq, the "top story" now says: U.S. stocks rose Friday following a strong May jobs report

I can bet you a nickel that if the stocks end red today, we'll see again "concern of interest rates".

I just have the impression that these CBS MarketWatch dudes have seated some moron-head in the office, whose only job is to write such "stock commentaries" and "explain" them as well as possible (all "stories" are in past tense for some reason). It's no wonder the public treats economists with such suspicion - these people excel at predicting the past, and making mistakes about the future.

Argh.


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